Worldspace Corporation fka WRSP

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WorldSpace Agrees To Pay $18.5M To Loan, Conv-Note Hldrs

WRSP said Friday that it agreed to pay each of four holders of its bridge-loan notes and convertible notes $18.5 million, representing the interest accrued on the bridge notes and the convertible notes and a payment of $15.2 million on the principal amount outstanding under the bridge notes. According to a filing with the Securities and Exchange Commission, the holders have agreed to extend the maturity date of the remaining amounts due under the bridge-loan notes until Sept. 15. In addition, the holders agreed that the Sept. 30 maturity date of the convertible notes will be changed to Dec. 31 if the company has paid in full by Sept. 15 all amounts due on the bridge loan notes. WorldSpace also said in the filing that it entered into a financing agreement with Yenura Pte. Ltd., a Singapore company. Under terms of the agreement, WorldSpace is permitted to draw down up to $20 million. -By Ingrid Pedrick Lehrfeld